If you run a business and are constantly plagued by late payments here are a couple of useful resources.
Prompt Payment Code. The Prompt Payment Code (PPC) is a voluntary code of practice for businesses, administered by the Office of the Small Business Commissioner (OSBC) on behalf of Department for Business and Trade (DBT). It was established in December 2008 and sets standards for payment practices between organisations of any size and their suppliers.
– You can check out if your client is on the list and remind them of their commitment.
– If you run a business – sign the PPC.
Prompt payment policy. If your client is a government organisation.
The government commitment is to pay 90% of undisputed and valid invoices from SMEs within 5 days and 100% of all undisputed and valid invoices to be paid within 30 days.
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